ESTIMATION OF LONG TERM RELATIONSHIP BETWEEN OIL AND LIQUEFIED NATURAL GAS PRICES THROUGH THE ERROR CORRECTION MODEL

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MANSOUR KIAEI E.

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Journal: ENERGY ECONOMICS REVIEW Year:2008 | Volume:5 | Issue:18 Page(s): 99-122

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Title

ESTIMATION OF LONG TERM RELATIONSHIP BETWEEN OIL AND LIQUEFIED NATURAL GAS PRICES THROUGH THE ERROR CORRECTION MODEL

Author(s)

MANSOUR KIAEI E. | Issue Writer Certificate

Keywords

CRUDE OIL PRICEQ2

LIQUEFIED NATURAL GASQ3

ERROR CORRECTION MODELQ2

RULE OF THUMBQ2

ECONOMETRICSQ4

Abstract

The prevailing method of natural gas pricing assumes that it has a close relationship with CRUDE OIL PRICE and follows its gyrations. Due to this, for many years the price of natural gas has been taken as a function of oil prices. Analysis of historical trends of oil and gas prices in regional markets also shows that these two variables are closely correlated. This study tries to explain the above relationship by using ECONOMETRICS methods and examining the stability of this long term relationship. To this end, after referring to some common rules of thumb for estimating gas prices through a simple regression, the hypothesis that a simple regression is able to produce an efficient and unbiased estimate of gas prices is examined. The study concludes by offering an ERROR CORRECTION MODEL that can produce efficient estimations of the long term relationship between oil and gas prices.

Cites

DEVELOPING A KNOWLEDGE BASE MODEL FOR TENDER PRICING TO OPTIMIZE TENDER OFFERS PRICE

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APA: Copy

MANSOUR KIAEI, E.. (2008). ESTIMATION OF LONG TERM RELATIONSHIP BETWEEN OIL AND LIQUEFIED NATURAL GAS PRICES THROUGH THE ERROR CORRECTION MODEL. ENERGY ECONOMICS REVIEW, 5(18), 99-122. SID. https://sid.ir/paper/99620/en

Vancouver: Copy

MANSOUR KIAEI E.. ESTIMATION OF LONG TERM RELATIONSHIP BETWEEN OIL AND LIQUEFIED NATURAL GAS PRICES THROUGH THE ERROR CORRECTION MODEL. ENERGY ECONOMICS REVIEW[Internet]. 2008;5(18):99-122. Available from: https://sid.ir/paper/99620/en

IEEE: Copy

E. MANSOUR KIAEI, “ESTIMATION OF LONG TERM RELATIONSHIP BETWEEN OIL AND LIQUEFIED NATURAL GAS PRICES THROUGH THE ERROR CORRECTION MODEL,” ENERGY ECONOMICS REVIEW, vol. 5, no. 18, pp. 99–122, 2008, [Online]. Available: https://sid.ir/paper/99620/en

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